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Badger Mete Financials

BMI
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Badger Mete (BMI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 67 / 100
Financial Profile 67/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
67

Badger Mete has an operating margin of 20.0%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is up from 19.1% the prior year.

Growth
52

Badger Mete's revenue grew 10.9% year-over-year to $916.7M, a solid pace of expansion. This earns a growth score of 52/100.

Leverage
95

Badger Mete carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
65

With a current ratio of 3.36, Badger Mete holds $3.36 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 65/100.

Cash Flow
71

Badger Mete converts 18.5% of revenue into free cash flow ($169.7M). This strong cash generation earns a score of 71/100.

Returns
55

Badger Mete's ROE of 19.9% shows moderate profitability relative to equity, earning a score of 55/100. This is down from 20.6% the prior year.

Altman Z-Score Safe
13.18

Badger Mete scores 13.18, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.4B) relative to total liabilities ($260.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Badger Mete passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.30x

For every $1 of reported earnings, Badger Mete generates $1.30 in operating cash flow ($183.7M OCF vs $141.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
35.8x

Badger Mete earns $35.8 in operating income for every $1 of interest expense ($183.4M vs $5.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$916.7M
YoY+10.9%
5Y CAGR+16.6%
10Y CAGR+9.3%

Badger Mete generated $916.7M in revenue in fiscal year 2025. This represents an increase of 10.9% from the prior year.

EBITDA
$209.2M
YoY+17.4%
5Y CAGR+19.9%
10Y CAGR+13.6%

Badger Mete's EBITDA was $209.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.4% from the prior year.

Net Income
$141.6M
YoY+13.4%
5Y CAGR+23.5%
10Y CAGR+18.5%

Badger Mete reported $141.6M in net income in fiscal year 2025. This represents an increase of 13.4% from the prior year.

EPS (Diluted)
$4.79
YoY+13.2%
5Y CAGR+23.2%
10Y CAGR+18.2%

Badger Mete earned $4.79 per diluted share (EPS) in fiscal year 2025. This represents an increase of 13.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$169.7M
YoY+19.3%
5Y CAGR+16.1%
10Y CAGR+26.6%

Badger Mete generated $169.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 19.3% from the prior year.

Cash & Debt
$226.0M
YoY-23.5%
5Y CAGR+25.6%
10Y CAGR+39.4%

Badger Mete held $226.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.48
YoY+21.3%
5Y CAGR+16.2%
10Y CAGR+14.3%

Badger Mete paid $1.48 per share in dividends in fiscal year 2025. This represents an increase of 21.3% from the prior year.

Shares Outstanding
29M
YoY-0.8%
5Y CAGR+0.0%
10Y CAGR+7.2%

Badger Mete had 29M shares outstanding in fiscal year 2025. This represents a decrease of 0.8% from the prior year.

Margins & Returns

Gross Margin
41.7%
YoY+1.9pp
5Y CAGR+2.1pp
10Y CAGR+5.7pp

Badger Mete's gross margin was 41.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.

Operating Margin
20.0%
YoY+0.9pp
5Y CAGR+4.7pp
10Y CAGR+8.8pp

Badger Mete's operating margin was 20.0% in fiscal year 2025, reflecting core business profitability. This is up 0.9 percentage points from the prior year.

Net Margin
15.4%
YoY+0.3pp
5Y CAGR+3.8pp
10Y CAGR+8.6pp

Badger Mete's net profit margin was 15.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.3 percentage points from the prior year.

Return on Equity
19.9%
YoY-0.8pp
5Y CAGR+6.2pp
10Y CAGR+8.7pp

Badger Mete's ROE was 19.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the prior year.

Capital Allocation

R&D Spending
$21.6M
YoY+12.5%
5Y CAGR+13.2%
10Y CAGR+7.4%

Badger Mete invested $21.6M in research and development in fiscal year 2025. This represents an increase of 12.5% from the prior year.

Share Buybacks
$15.0M
5Y CAGR+36.9%

Badger Mete spent $15.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$14.0M
YoY+9.4%
5Y CAGR+9.1%
10Y CAGR-3.4%

Badger Mete invested $14.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 9.4% from the prior year.

BMI Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $220.7M-6.3% $235.7M-1.0% $238.1M+7.1% $222.2M+8.3% $205.2M-1.6% $208.4M-3.8% $216.7M+10.4% $196.3M
Cost of Revenue N/A $139.8M-0.3% $140.3M+10.7% $126.8M N/A $124.6M-5.1% $131.3M+10.2% $119.1M
Gross Profit $93.0M-3.0% $95.8M-2.0% $97.8M+2.5% $95.4M+15.3% $82.8M-1.3% $83.9M-1.7% $85.4M+10.6% $77.2M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A $49.8M-6.0% $52.9M+15.1% $46.0M N/A $43.3M-1.4% $43.9M+8.0% $40.6M
Operating Income N/A $46.1M+2.7% $44.9M-9.2% $49.4M N/A $40.6M-2.1% $41.5M+13.5% $36.6M
Interest Expense N/A $1.3M+48.6% $895K-32.9% $1.3M N/A $2.3M+23.6% $1.9M+22.0% $1.5M
Income Tax N/A $12.4M+10.4% $11.2M-9.6% $12.4M N/A $10.9M+5.5% $10.3M+15.0% $9.0M
Net Income $33.6M-4.3% $35.1M+1.4% $34.6M-9.9% $38.4M+25.0% $30.7M-4.1% $32.0M-3.1% $33.1M+13.5% $29.1M
EPS (Diluted) $1.14-4.2% $1.19+1.7% $1.17-10.0% $1.30+25.0% $1.04-3.7% $1.08-3.6% $1.12+13.1% $0.99

BMI Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $973.6M-0.5% $978.3M+4.5% $936.4M+4.1% $899.6M+10.2% $816.4M+1.7% $802.9M+2.8% $781.3M+5.1% $743.5M
Current Assets $507.1M+2.5% $494.6M+10.3% $448.3M+8.9% $411.6M-23.8% $540.1M+2.0% $529.3M+3.9% $509.2M+8.2% $470.6M
Cash & Equivalents $226.0M+12.1% $201.7M+22.1% $165.2M+25.8% $131.4M-55.5% $295.3M+14.0% $259.0M+14.5% $226.2M+13.5% $199.3M
Inventory $151.9M-0.5% $152.6M+3.6% $147.3M-1.4% $149.4M+4.2% $143.4M-9.5% $158.5M-1.7% $161.3M+0.5% $160.4M
Accounts Receivable $112.4M-2.3% $115.1M-2.2% $117.7M+5.2% $111.9M+32.6% $84.3M-9.7% $93.4M-12.1% $106.2M+15.1% $92.3M
Goodwill $235.6M-0.5% $236.7M+0.4% $235.7M+1.8% $231.5M+107.2% $111.8M-2.8% $115.0M+1.5% $113.4M-0.1% $113.5M
Total Liabilities $260.3M-5.6% $275.8M+6.5% $258.8M+0.4% $257.9M+22.7% $210.2M-0.7% $211.7M-3.0% $218.1M+4.9% $207.9M
Current Liabilities $150.7M-1.8% $153.4M+10.6% $138.7M-1.6% $141.0M+19.3% $118.2M-8.5% $129.2M-6.5% $138.1M+2.2% $135.1M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $713.3M+1.5% $702.5M+3.7% $677.6M+5.6% $641.7M+5.8% $606.2M+2.5% $591.2M+5.0% $563.1M+5.1% $535.6M
Retained Earnings $645.9M+3.5% $624.1M+3.9% $600.8M+4.3% $576.2M+5.2% $547.8M+3.9% $527.1M+4.4% $505.0M+5.2% $479.9M

BMI Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $54.8M+6.9% $51.3M+15.0% $44.6M+35.0% $33.0M-36.6% $52.1M+15.5% $45.1M+23.8% $36.4M+69.7% $21.5M
Capital Expenditures $4.0M+30.6% $3.1M-21.6% $3.9M+32.8% $3.0M-36.5% $4.7M+49.1% $3.1M+33.8% $2.3M-12.5% $2.7M
Free Cash Flow $50.8M+5.3% $48.2M+18.6% $40.6M+35.2% $30.1M-36.6% $47.4M+13.0% $42.0M+23.1% $34.1M+81.4% $18.8M
Investing Cash Flow -$4.0M-30.6% -$3.1M-2.1% -$3.0M+98.4% -$187.9M-3924.5% -$4.7M-49.1% -$3.1M-33.8% -$2.3M+58.8% -$5.7M
Financing Cash Flow -$26.7M-127.2% -$11.8M-23.7% -$9.5M+4.3% -$9.9M+0.4% -$10.0M0.0% -$10.0M-34.7% -$7.4M+3.9% -$7.7M
Dividends Paid $11.7M-0.3% $11.8M+17.7% $10.0M-0.1% $10.0M+0.3% $10.0M0.0% $10.0M+25.9% $7.9M-0.1% $7.9M
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

BMI Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 42.1%+1.5pp 40.7%-0.4pp 41.1%-1.9pp 43.0%+2.6pp 40.3%+0.1pp 40.2%+0.8pp 39.4%+0.1pp 39.3%
Operating Margin N/A 19.6%+0.7pp 18.8%-3.4pp 22.2% N/A 19.5%+0.3pp 19.2%+0.5pp 18.6%
Net Margin 15.2%+0.3pp 14.9%+0.4pp 14.5%-2.7pp 17.3%+2.3pp 15.0%-0.4pp 15.4%+0.1pp 15.3%+0.4pp 14.8%
Return on Equity 4.7%-0.3pp 5.0%-0.1pp 5.1%-0.9pp 6.0%+0.9pp 5.1%-0.3pp 5.4%-0.5pp 5.9%+0.4pp 5.4%
Return on Assets 3.5%-0.1pp 3.6%-0.1pp 3.7%-0.6pp 4.3%+0.5pp 3.8%-0.2pp 4.0%-0.2pp 4.2%+0.3pp 3.9%
Current Ratio 3.36+0.1 3.220.0 3.23+0.3 2.92-1.7 4.57+0.5 4.10+0.4 3.69+0.2 3.48
Debt-to-Equity 0.36-0.0 0.39+0.0 0.38-0.0 0.40+0.1 0.35-0.0 0.36-0.0 0.390.0 0.39
FCF Margin 23.0%+2.6pp 20.4%+3.4pp 17.1%+3.5pp 13.5%-9.6pp 23.1%+3.0pp 20.1%+4.4pp 15.7%+6.2pp 9.6%

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Frequently Asked Questions

Badger Mete (BMI) reported $916.7M in total revenue for fiscal year 2025. This represents a 10.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Badger Mete (BMI) revenue grew by 10.9% year-over-year, from $826.6M to $916.7M in fiscal year 2025.

Yes, Badger Mete (BMI) reported a net income of $141.6M in fiscal year 2025, with a net profit margin of 15.4%.

Badger Mete (BMI) reported diluted earnings per share of $4.79 for fiscal year 2025. This represents a 13.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Badger Mete (BMI) had EBITDA of $209.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Badger Mete (BMI) had a gross margin of 41.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Badger Mete (BMI) had an operating margin of 20.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Badger Mete (BMI) had a net profit margin of 15.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Badger Mete (BMI) paid $1.48 per share in dividends during fiscal year 2025.

Badger Mete (BMI) has a return on equity of 19.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Badger Mete (BMI) generated $169.7M in free cash flow during fiscal year 2025. This represents a 19.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Badger Mete (BMI) generated $183.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Badger Mete (BMI) had $973.6M in total assets as of fiscal year 2025, including both current and long-term assets.

Badger Mete (BMI) invested $14.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Badger Mete (BMI) invested $21.6M in research and development during fiscal year 2025.

Yes, Badger Mete (BMI) spent $15.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Badger Mete (BMI) had 29M shares outstanding as of fiscal year 2025.

Badger Mete (BMI) had a current ratio of 3.36 as of fiscal year 2025, which is generally considered healthy.

Badger Mete (BMI) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Badger Mete (BMI) had a return on assets of 14.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Badger Mete (BMI) has an Altman Z-Score of 13.18, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Badger Mete (BMI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Badger Mete (BMI) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Badger Mete (BMI) has an interest coverage ratio of 35.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Badger Mete (BMI) scores 67 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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